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The Las Vegas Real Estate - Market Prediction for Gambling Area

Written by Posted On Tuesday, 28 June 2016 09:23

 

The article was written by a real estate owner in MA and the marketing specialist of the large project with real money slots on Slotozilla.

 

The Great Recession may be on its way to becoming a distant memory for some, but for others, the housing bubble that burst in 2008 and the staggering loss that it created both in real estate values and to the unsuspecting savings of investors, still burns hot in the backs of many people’s minds. Las Vegas, Nevada, was one of the hardest hit casualties of the Great Recession. Many people there still have serious lingering misgivings about the state of the Las Vegas Real Estate Market’s “recovery.” This is perfectly reasonable given the circumstances. There are, however, some positive things happening in Las Vegas real estate today, which is encouraging for both new home owners and investors.

 


 

Sellers and Buyers

The supply of properties for sale in Las Vegas has remained tight. Sellers have also enjoyed a very comforting spike in property values this past decade. Unfortunately, the upward trend in prices have not encouraged the market to start buying yet either. Property sales in the marketplace has remained sluggish. Some of the slow sales are attributed to younger potential homeowners turning to rentals instead of buying, due in part to a tougher overall lending atmosphere in a post-recession era.

In today’s market, Las Vegas Real Estate is finally getting the break it deserves. Zillow predicts a 5.4% positive increase in its forecasts for May 2015 thru May 2017. This should also carry over to more investment ventures opening up on “the Las Vegas Strip”. Home values have gone up 8.1% over the past year, which, at least shows that there is some notable improvement going on in the Las Vegas area as far as recovering property values.


Three Good Reasons to Buy:

1.      Homes in Las Vegas that were purchased three years ago have shown impressive

             appreciation values, on average around $87,000 dollars, which is well above the

             national average of $55,000.

2.      Mortgage interest rates are fairly low in the Las Vegas area, at around 3 and a half to

             four percent, depending on one’s credit score.

3.      A stable, semi-neutral, real estate market in 2015 and 2016 has helped to ensure that both sellers and buyers are ready to make a good deal.

Average Housing Prices

The average median sale price of a house in Las Vegas, Nevada, is around $197,200 as of June 2016. A somber note that should be remembered, though, is that this number is still at least half of what the market values were worth before the Great Recession. The “Bubble Burst” of 2008 chopped both the Las Vegas home owner’s equity quickly in half when the bottom suddenly fell out of the real estate market. On an up-note, retail rents have been steadily climbing along with residential rents. An average storefront will cost around $216 per SQ. ft. depending of course upon location. Office space in also a strong investment with rental prices at approximately $171 per SQ. Condominium sales are growing more popular around the Las Vegas Strip, with an average sale price of $118,000 to live in a new luxury apartment among the neon nightlife.


The main good news for investors seems to be that retail and industrial rents in Las Vegas have continued to steadily rise. This trend should help coax other like-minded buyers into the newly recovering gambling sector, which also took a heavy hit this past decade as bachelors and families alike, cautiously held back their disposable incomes in a down economy. Now that housing prices have stabilized and rents have continued to steadily climb, millennials will have to rethink their finances and finally consider owning as a viable option to renting.

Conclusion

 

There’s no reason not to believe that both the Las Vegas economy and its real estate market will continue to recover. Part of the recovery process will still have to involve a certain amount of risk-taking. This will have to be done by both the buyers and the sellers in the market in order to make it work. 2015 and 2016 have shown investors and homeowners alike that it is an opportune time to reenter the Las Vegas Real Estate Market again, at least cautiously. Las Vegas, Nevada, is a special breed of town. It has so many complex aspects to it which are involved in its continual survival in the middle of the desert. This is also what makes Las Vegas so resilient when it comes to fighting for its glory days, old and new. The town will certainly continue to mesmerize and entertain the world’s inhabitants with its infamous glitz and glamor. Let’s all hope that it will also surprise the rest of America with a great real estate comeback in the near future.

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